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The beastly, the brash, the big word, globalization.

26 Mar

globalizationI was hoping that this recession would do away with all the free market talk, get rid of the Chicago boys rhetoric once and for all and help build a globalized economy that protects the little guy.  While it hasn’t done all that, it has taken the stigma from “regulation” and spread it around to some other words like…Wall Street and securitization.  In hopes of permanent regulation we need to think big.  Damon Silvers, associate general counsel for the AFL-CIO, is looking to change the world market, not just the US.  What he says is sound thinking, we are more connected than ever and might as well fix all the holes at once.  Let’s see how the G8 countries feel about all this.  More importantly now though, how do American taxpayers feel about this.  As reported on AFL-CIO Now Blog, if they don’t feel taken…then they aren’t paying attention.

Silvers, associate general counsel for the AFL-CIO, says taxpayers are being asked to givie away too much to hedge funds and private equity in President Obama’s financial rescue package. The plan for public-private partnerships announced by the Treasury Department on Monday gives taxpayers 95 percent of the risk with only 50 percent of the benefits in buying the toxic assets.

Those are not the kind of odds I’m looking to play (or pay).

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Looking at things from the other side…AIG.

25 Mar

ceoNot saying that this op-ed in the NYT has made me believe that finance guys deserve the money they make, but admittedly I didn’t think about the story from their side as much as I should have.  The letter is a resignation letter from one VP to the CEO.

I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.

Click it and it all makes sense: Geithner plan.

24 Mar

Every once in a while some article comes across my computer screen and makes everything I’ve been hearing about a particular political controversy click.  This FAQ style explanation of Geithner’s plan did just that…check it out and hope it ‘clicks’ for you too!idealightbulb02

AIG chieftain representin’ Che.

23 Mar

The fascination with Che in the US is hilarious.  I, along with many of my peers, own a silk screened Che shirt.  I feel a bit ashamed wearing it seeing as if I’m 99.9% pacifist and Che…well, was not.   But, I do consider myself a lover of many things ‘marxist’ and  ‘socialist’ and therefore wear the shirt as an unabashed criticism of capitalism.  So, that is my excuse.  What is the excuse of this AIG big-wig in charge of financial products?  I’m guessing he’s a pretty big fan of capitalism.  gerry-pasciucco